However, it may not be easy for ADB to exit, as the four public sector promoters – ONGC, Indian Oil Corporation, Bharat Petroleum Corporation, and GAIL (India) – at any given point, cannot cumulatively hold more than 50 per cent in PLL.This stipulation is also reflected in the company's Articles of Association. Currently, ONGC, IOC, BPCL, GAIL hold 12.5 per cent each in PLL, taking their combined shareholding to 50 per cent, according to the latest shareholding pattern submitted to the stock exchanges.The other stakeholders include GDF SUEZ, the largest importer of LNG in Europe, which is the strategic partner holding 10 per cent equity. While ADB holds 5.2 per cent stake, the balance – 34.8 per cent – is held by public, financial institutional investors, and mutual funds.
“Alternatives need to be examined if ADB wants to exit the company,” an official source told Business Line adding that the options were whether the ADB stake can be offloaded in the market or a new investor could buy the stake.
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Source : http://www.thehindubusinessline.com/2010/09/06/stories/2010090651900100.htm
